France's TotalEnergies forms new Brazil renewable energy venture

French petrol refineries and fuel crisis in France
The logo of French oil and gas company TotalEnergies is seen at the company's headquarter skyscraper in La Defense near Paris, France, October 12, 2022. REUTERS/Gonzalo Fuentes

PARIS, Oct 26 (Reuters) - French company TotalEnergies (TTEF.PA) announced on Wednesday the creation of a new joint venture with Brazilian company Casa dos Ventos to set up a new renewable energy portfolio in Brazil.

TotalEnergies will hold 34% of the new venture while Casa dos Ventos will hold 66%. TotalEnergies said that it would pay $550 million in cash and a potential extra $30 million to complete the acquisition, and would have the option to buy an extra 15% stake in the Brazil venture after 5 years.

Reporting by Sudip Kar-Gupta, Editing by Louise Heavens

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